More On The Partnership Of Civil With One Of The Oldest Names In Media
The deal between Civil and AP brings more clarity to the journalism startup. Why is the deal viewed as a crucial one? Know more about it in this account.
Civil And Associated Press
The latest news buzz is about the two-year-old start-up wanting to save journalism which is Civil leveraging the blockchain and cryptoeconomics partnering with 172-year-old Associated Press helping the wire service to stop bad actors from stealing its content.
While it is still in development Civil is using the blockchain-enabled licensing mechanism helping AP track where the content is going as also whether it is licensed correctly. AP has therefore granted the newsrooms in exchange for Civil’s network licenses to its content. Planning to make the licensing tool available to all the newsrooms in the ecosystem as it is up and running, Civil has raised $ 5 million from the blockchain venture studio ConsenSys.
As commented by Matthew Iles, the founder, and CEO of Civil, they want the company to become the new economy for journalism thereby uprooting the long-standing ad-based revenue model providing journalists the ownership of their content. Apart from that, he targets to reinstate trust as well as credibility in the journalism industry in an era of fake news that has taken a hard hit to the reputation.
He further states that they have problems that are of not even just dealing with literal fake news but also dealing with the social aspects where people not knowing in this case what to trust anymore as people are throwing around allegations. They consider Civil going to create something that is far better signaled as consumers know if a news organisation is surely trusting and credible, despite whatever powerful people might be saying.
What Are The Benefits Of The Deal?
Benefitting for both sides is the AP-Civil deal where Civil gets the opportunity to learn the ropes of licensing business from the premier news wire service as well as AP getting a lesson in blockchain tech having a goal of determining what kind of impact as the blockchain has on journalism. As part of the deal additionally, the AP is set to be proud new owners of Civil’s cryptocurrency CVL beginning selling via the upcoming ICO.
AP is set to rake in more revenue if all goes well as a result of partnership as Civil has a nice use case of the blockchain-enabled licensing tool to show off.
Adding that Civil has plans for more partnerships, Iles adds the company has announced deals with Splice that comes as a media company based in Singapore with the pair investing $ 1 million in the 100 media projects over the next few years in Asia.
According to him as the project comes founded on the idea where the digital media business is and also was on a dangerous path, he was motivated to look at the way media platforms were constructed. The question arising is could they redesign a media platform right from the ground up? While he thought about it conventionally at first whereas one of the things they ran into was the strong desire making the platform decentralised with no idea how to do it until he found blockchain technology.
The stage is set for a new generation of blockchain journalism start-ups, Civil has partners including Nwzer, User feeds, Factmata and Po.et founded by Jarrod Dicker the former vice president at the Washington Post.
How Is Blockchain Media Project Civil Turning To Asia?
Casting its eye to Asia, Civil has set up a $1 million fund aimed at seeding 100 new media projects across the continent where the organisation teamed up with Splice the Singapore based media start-up managing the fund according to an announcement.
With a lot of attention lavished on Civil, the promise is to make media work even more efficiently using blockchain technology with the upcoming crypto token CVL. Thereafter it was noted that the organisation had raised $ 5 million in financing from ConsenSys which is a blockchain corporation led by Ethereum co-creator Joe Lubin with the ICO coming to raise around $ 32 million launching the network actively onboard new media companies worldwide.
Waiting around, the company has already actively jumped into the media space thereby providing the financial backing to the newly formed The Colorado Sun with the scope of the project in Asia different in trying to kickstart the wave of new media organisations giving them money to get off the ground.
The co-founder and CEO of Splice, Alan Soon suggested that it hasn’t been decided in case the financing is set to be in the form of grants or equity-based investments whereas despite that he adds the deals are pre-seed, micro-investments helping entrepreneurs taking the ideas to the prototype stage.
Ranging from the more obvious suspects such as publishers Soon comments that all kinds of media are in play reporting websites and podcasts to behind-the-scenes tech similar to automation, bots, and adtech.
The Final Thoughts On The Discussion
Even though he had clarified that the beneficiaries of the fund are under no obligation to adopt Civil’s protocol, the blockchain technology according to him is set to be funded by the upcoming ICO, where Splice has itself committed to doing so that means it gains access to the network’s content licensing opportunities and more.